Southside Bancshares (NYSE:SBSI) Reaches New 52-Week High – What’s Next?

Southside Bancshares, Inc. (NYSE:SBSI)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $35.81 and last traded at $35.9310, with a volume of 29779 shares trading hands. The stock had previously closed at $34.87.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SBSI shares. Weiss Ratings upgraded shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Benchmark initiated coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Finally, Piper Sandler initiated coverage on shares of Southside Bancshares in a research report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 target price for the company. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Southside Bancshares Price Performance

The company’s 50 day simple moving average is $33.60 and its 200 day simple moving average is $32.53. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $1.07 billion, a P/E ratio of 15.27 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. The company had revenue of $70.28 million during the quarter, compared to analyst estimates of $70.92 million. As a group, equities analysts forecast that Southside Bancshares, Inc. will post 3.43 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Monday, May 18th. Southside Bancshares’s payout ratio is presently 61.02%.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors have recently modified their holdings of SBSI. EverSource Wealth Advisors LLC lifted its holdings in shares of Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock valued at $28,000 after purchasing an additional 867 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Southside Bancshares during the fourth quarter worth $45,000. CIBC Private Wealth Group LLC bought a new stake in shares of Southside Bancshares during the third quarter worth $45,000. GAMMA Investing LLC raised its holdings in shares of Southside Bancshares by 26.6% during the fourth quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock worth $55,000 after acquiring an additional 380 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Southside Bancshares by 927.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock valued at $80,000 after acquiring an additional 2,551 shares in the last quarter. Institutional investors own 55.70% of the company’s stock.

Southside Bancshares Company Profile

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.